Excuses that are likely to prevent you from reaching your financial goals

Everyone needs to save. In fact, you should probably set aside money for retirement and other financial goalss right now.

Whether you want to buy a house, go on a debt-free vacation, or make another big purchase, saving is the smart way to go.

Unfortunately, although most of us know it, we also have many excuses for not doing it and not getting our financial goals. The problem is that the longer you make excuses, the more compound interest you lose, and the harder it becomes to save enough to achieve something important.

1. You don't have enough money
Sometimes your income is not enough to cover your essential needs and still allows you to save money for other financial goals. If so, the only option you will have is to increase the income available to you. You could do this as follows:

Ask for a raise. Come prepared with evidence, such as proof of recent success and market salary data, to show that you deserve a higher salary.
Looking for a better job. If your company doesn't pay you what you're worth or your job is a dead end with little potential to increase your income, moving to a new position may be for the best.
Working a side job. There are plenty of opportunities to earn extra money in the gig economy. Think about what interests you and what are your abilities to find a niche for yourself.
Improve your skills. If you can't justify a raise or find side work, you may need to take some courses or talk to your employer about training programs you could take advantage of to earn a higher salary.

2. You have too many expenses
For many people who say they have very little money, the problem is not really income but excessive spending. If you spend too much of what you earn, you won't be able to save anything.

To determine if overspending is your problem, track what you spend for about 30 days. Once you see where your money is going, look to cut back on discretionary expenses like dining out or entertainment.

If you find yourself spending too much, living on a budget will allow you to save more. Set spending limits on different types of purchases, and once you hit those limits, stop spending. If you're having trouble keeping track, try an envelope-based budgeting system: Put the money you've allocated for each purchasing category in an envelope and spend only the money available.

Read More: Understand practical ways to keep your finances under control

3. You don't know how to start
Figuring out how to save and invest doesn't have to be complicated, although it may seem so. The simplest way to start saving is to open a high-yield savings account and deposit money into it to meet your financial goals. This approach makes sense for an emergency fund or for money you'll need soon, like for a vacation you're planning this year.

Overcoming these excuses is essential
Although there are probably many reasons for not saving, none are good enough to justify not saving some money for the future. If you don't save, reaching your financial goals will be nearly impossible and you'll run into difficulties later. Now is the time to find a way to overcome the obstacles that prevent you from doing so.